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South Bend Redevelopment Commission <br />Regular Meeting - November 5, 1993 <br />6. NEW BUSINESS (Cont.) <br />a. continued... <br />Mrs. Kolata noted that Resolution No. 1198 <br />approves the preliminary plans and <br />specifications and cost estimates for the <br />projects; approves the proposed lease which <br />is, dated as of November 1, 1993; schedules <br />a public hearing on the proposed lease to be <br />held November 15 at 4:00 p.m.; and <br />authorizing publication of the Notice of <br />Public Hearing. The lease is similar to the <br />leases we have had for other bond issues. It <br />sets the general parameters. Everything <br />moves forward with the approval of the <br />lease. After the bond is sold, the lease is <br />revised to reflect the terms of the sale. The <br />one thing that is different with this lease is <br />that the maximum lease payment is broken <br />out into a maximum lease payment on the <br />Century Center portion and a maximum <br />lease payment on the Hall of Fame portion. <br />Ms. Auburn noted that there is severability <br />between the Century Center and Hall of <br />Fame portions of the projects and that the <br />two may be considered separately in <br />February when the Commission makes its <br />recommendation to the Redevelopment <br />Authority about whether to issue one or both <br />portions of the bond. <br />-13- <br />